HSBC
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Turkey’s Sasa Polyester is on track to take out a €231m export credit agency-backed loan to build a new facility in its home country. -
Finnvera is set to bring a deal in what has become a rare tenor in dollars, after mandating banks on Tuesday for a five year Reg S/144A benchmark.
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EPP, a Polish real estate investment company, postponed its five year euro bond on Monday despite having gone as far as to set the yield for the deal. The company blamed adverse market conditions, while bankers away from the deal were divided as to whether anything could or should have been done differently by the leads.
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The European Investment Bank has hit screens for the first sterling floating rate benchmark designed for a post-Libor world.
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Five borrowers helped to contribute to a heavy deal pipeline for acquisitions and refinancings this week, as secondary spreads tightened after last week's no issuance.
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EPP, a Polish real estate investment company, has come to market for a five year euro benchmark in what will be the first non-corporate bond from CEE since early May, but early indications suggest a lukewarm reception.
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Coface Poland Factoring has signed a €300m-equivalent syndicated loan to partly replace bilateral credit lines, stretching out the average debt maturity for the Polish subsidiary of the French trade insurance company.
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices.
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
